So we're in great shape. No need to expand capacity beyond what we have today in the very near term. That being said, we do have that ability. You may recall that we have in our facility at least enough space

so we're in great shape no need to expand capacity beyond what we have today in the very near term that being said we do have that ability you may recall that we have in our facility at least enough space


You have a positive outlook on both price and volume. And John, just to be specific on the record, you're expecting continued improvement in unit profitability in the second half of the year. Correct?

you have a positive outlook on both price and volume and john just to be specific on the record you're expecting continued improvement in unit profitability in the second half of the year correct


there is not one thing that we could point you to. As you look at the news flow coming from our company, there's hardly a week going by where you don't see significant restructuring steps in various European country markets,

there is not one thing that we could point you to as you look at the news flow coming from our company there's hardly a week going by where you don't see significant restructuring steps in various european country markets


Maintaining a strong balance sheet is a priority for us, and we are pleased with the recent recognition from Moody's with their upgrade of our corporate family rating from Ba2 to Ba1, and the affirmation of a stable outlook.

maintaining a strong balance sheet is a priority for us and we are pleased with the recent recognition from moody's with their upgrade of our corporate family rating from ba2 to ba1 and the affirmation of a stable outlook


and I think that exits that don't meet expectations is going to have a significant chilling effect on ongoing investment by private equity. When that starts to really

and i think that exits that don't meet expectations is going to have a significant chilling effect on ongoing investment by private equity when that starts to really


taking on those higher-value waste streams, I would assume there's a glide path that will help improve margins next year as well, but any color you can give us in terms of the capacity that you've filled and what you have left to go there?

taking on those higher-value waste streams i would assume there's a glide path that will help improve margins next year as well but any color you can give us in terms of the capacity that you filled and what you have left to go there


the best agent model out there today and to throw levels of complexity of it at the management and take them away from focusing on bettering the agents and driving the agents


Turning to the guidance for Q1, and my comments are on a combined historical basis that will incorporate Green Bay, Davenport and Fairbanks as if we had

turning to the guidance for q1 and my comments are on a combined historical basis that will incorporate green bay davenport and fairbanks as if we had


We expect these conversions to take place gradually and consistently over the next few years, with more than near-term conversion activity coming from local and regional manufacturers or private label brands.

we expect these conversions to take place gradually and consistently over the next few years with more of the near-term conversion activity coming from local and regional manufacturers or private label brands


We've used a variety of technological innovations, such as a new type of switchgear and virtual modeling, to reduce the total cost of this project by 20%. In addition, we continue to review opportunities to reduce our environmental impact.

we've used a variety of technological innovations such as new type of switchgear and virtual modeling to reduce the total cost of this project by 20% in addition we continue to review opportunities to reduce our environmental impact


We've also taken delivery of all 4 additional leased haul trucks in our plan and that provides us with the truck haulage capacity needed in the first couple of years when the waste movement is at its highest.

we've also taken delivery of all 4 additional lease haul trucks in our plan and that provides us with the truck ballast capacity needed in the first couple of years when the waste movement is at its highest


Therefore, as previously noted, we are taking a phased approach region by region, ensuring we have strong alignment and business processes well defined and tested before moving on to additional regions.

therefore as previously noted we're taking a phased approach region by region ensuring we have strong alignment and business processes well defined and tested before moving on to additional regions


a set of desktop creative tools that make it easy for anyone to create their own augmented reality experiences and distribute them using Snapchat. In just 6 weeks from launch, over 30,000 Lenses were created by our community and viewed over 1 billion times.

a set of desktop creative tools that make it easy for anyone to create their own augmented reality experiences and distribute them using snapchat in just 6 weeks from launch over 30 000 lenses were created by our community and viewed over 1 billion times


I do want to mention how pleased I am that we have been able to simplify our capital structure and to reduce significantly our leverage ratio, which is net par of insured policies outstanding to claims paying resources.

i do want to mention how pleased i am that we have been able to simplify our capital structure and to reduce significantly our leverage ratio which is net par of insured policies outstanding to claims paying resources


Our balance sheet remains robust with strong liquidity, sufficient undrawn facilities and no near-term maturities, giving us the flexibility in what remains a volatile market environment.

our balance sheet remains robust with strong liquidity sufficient undrawn facilities and no near-term maturities giving us the flexibility in what remains a volatile market environment


We believe that we can improve the efficiency and effectiveness of our branches and warehouses. At the same time, we're looking to increase the flexibility and competitiveness of our inbound and outbound logistics,

we believe that we can improve the efficiency and effectiveness of our branches and warehouses at the same time we're looking to increase the flexibility and competitiveness of our inbound and outbound logistics


and continue to be active in the market as far as recruiting talent and particularly, laterals. The other thing that we're focused on from an organic revenue growth perspective are particular areas of accelerated growth.

and continue to be active in the market as far as recruiting talent and particularly laterals the other thing that we're focused on from an organic revenue growth perspective are particular areas of accelerated growth


I want to thank all of our people around the world for their hard work. As a team, we're helping our clients maintain exceptional relationships with their customers. Now Andre will provide more detail on our financial results and guidance.

i want to thank all of our people around the world for their hard work as a team we're helping our clients maintain exceptional relationships with their customers now andre will provide more detail on our financial results and guidance


The heavy trucking application represents a significant addressable market for fuel cells, and we believe the fuel cell value proposition will resonate with customers in this segment as we move forward.

the heavy trucking application represents a significant addressable market for fuel cells and we believe the fuel cell value proposition will resonate with customers in this segment as we move forward


These acquisitions bring Quench's installed rental unit base to over 96,000 units as of August 2. And we continue to work on our robust pipeline of acquisitions with potential to close later this year

these acquisitions bring quench's installed rental unit base to over 96 000 units as of august 2 and we continue to work on a robust pipeline of acquisitions with potential to close later this year


But those boards and management teams are also taking time to assess what they actually think will happen going forward in their future. So I wouldn't read anything into it other than the deals we've done are the ones that we think can add value, and we'll continue to look

but those boards and management teams are also taking time to assess what they actually think will happen going forward in their future so i wouldn't read anything into it other than the deals we've done are the ones that we think can add value and we'll continue to look


So that's how it came about. And again, the information was -- utilized was during last year. So it's only a year ago that, that information was used, but now we're going to going forward, use our own

so that's how it came about and again the information was utilized was during last year so it was only a year ago that that information was used but now we're going to going forward use our own


if we keep growing like this and we continue to outperform most of our peers and it's really hard to justify that we wanted to get distracted and then go and then buy somebody and take care of somebody else's problem.

if we keep growing like this and we continue to outperform most of our peers and it's really hard to justify that we wanted to get distracted and then go in and buy somebody and then take care of somebody else's problem


are waiting for their vendor to get them the number -- get them the data so they can send it over to us. So there's always this period of time delay from the time somebody says I want to use BEACON until we can get the thing installed.

are waiting for their vendor to get them the number or get them the data so they can send it over to us so there's always this period of time delay from the time somebody says i want to use beacon until we can get the thing installed


I think if we didn't have the confidence we had in the other -- growing improvement at the other businesses, we might be a little bit more cautious on that. But now that we do, it feels to us about the right time to do it. So where are we investing, which is probably your supplementary question,

i think if we didn't have the confidence we had in the other growing improvement in the other businesses we might be a little bit more cautious on that but now that we do it feels to us about the right time to do it so where are we investing which is probably your supplementary question


We also have multiple medical management and provider contracting opportunities that we are pursuing while we speak. Operationally, we have addressed the infrastructure problems that contributed to our first quarter difficulties.

we also have multiple medical management and provider contracting opportunities that we are pursuing while we speak operationally we have addressed the infrastructure problems that contributed to our first quarter difficulties


As previously mentioned, we believe our ability to retain earnings for potential share repurchases and to invest in the growth of Ares, represents an opportunity for value creation for our shareholders.

as previously mentioned we believe our ability to retain earnings for potential share repurchases and to invest in the growth of ares represents an opportunity for value creation for our shareholders


This comparable restaurant sales figure includes a 50 basis point negative impact from the shift of the Easter holiday. Normalizing for the holiday shift, traffic declined 70 basis points during the first quarter,

this comparable restaurant sales figure includes a 50 basis point negative impact from the shift of the easter holiday normalizing for that holiday shift traffic declined 70 basis points during the first quarter


Given this historical information, along with the established safety profiles of phentermine and topiramate, we continue to believe that Qsymia poses no true cardiovascular safety risk.

given this historical information along with the established safety profiles of fentimide and topiramate we continue to believe that quesymia poses no true cardiovascular safety risk


Four, investing in the business to support future growth. We have a total of seven warehouses across the continental United States. Over the last two years, we've doubled our frozen warehouses from 2 to 4 as demand for our frozen products has increased.

four investing in the business to support future growth we have a total of 7 warehouses across the continental united states over the last 2 years we've doubled our frozen warehouses from 2 to 4 as demand for our frozen products has increased


We made quite a bit of progress in a fairly short period of time. More importantly, we have positioned the organization to generate long-term stockholder value by focusing our teams on winning profitable business at the local level,

we've made quite a bit of progress in a fairly short period of time more importantly we have positioned the organization to generate long-term stockholder value by focusing our teams on winning profitable business at the local level


We achieved this performance despite a very challenging economic environment. The markets out there are anything but straightforward and have become considerably more challenging in the recent months.

we achieved this performance despite a very challenging economic environment the markets out there are anything but straightforward and have become considerably more challenging in the recent months


above where the market is growing and we think that looking at France, we are well in line with where the market is growing. The market has picked up a little bit during the fourth quarter and that's also what we see in our operations.

above where the market is growing and we think that looking at france we are well in line with where the market is growing the market has picked up a little bit during the fourth quarter and that's also what we see in our operations


In this environment, we expect to realize 200 to 400 basis points of sequential top line growth with strong incrementals. We expect stronger top line growth will accelerate later in the year assuming oil prices hold at current levels or better

in this environment we expect to realize 200 to 400 basis points of sequential top line growth with strong incrementals we expect stronger top line growth will accelerate later in the year assuming oil prices hold at current levels or better


Second, whereas foreign currency translation represented a tailwind to year-over-year revenue in the first half of the year, at current rates, we expect the second half of the year to have a minor negative impact to revenue, which is reflected in our updated guidance.

second whereas foreign currency translation represented a tailwind to year-over-year revenue in the first half of the year at current rates we expect the second half of the year to have a minor negative impact to revenue which is reflected in our updated guidance


We are growing the portfolio just as we have consistently said we would do, and we have expanded our play diversity and we're high-grading our portfolio to pursue the very best opportunities.

we are growing the portfolio just as we have consistently said we would do and we've expanded our play diversity and we're high-grading our portfolio to pursue the very best opportunities


The key drivers behind margin relate to shifts in revenue to lower transactional volume, together with a typically slower first quarter seasonality, as well as continued investments into the platform.

the key drivers behind margin relate to shifts in revenue to lower transactional volume together with the typically slower first quarter seasonality as well as continued investments into the platform


During Q2, we signed a number of new customer contracts and continued to see a growing pipeline of new opportunities, driven by both our direct and indirect sales channels. By way of example,

during q2 we signed a number of new customer contracts and continue to see a growing pipeline of new opportunities driven by both our direct and indirect sales channels by way of example


which now includes the most recent higher condensate differentials. If gas prices continue to strengthen it makes our Cardium returns even that much better. So either way, the Cardium will be a primary focus for us next year.

which now includes the most recent higher condensate differentials if gas prices continue to strengthen it makes our cardium returns even that much better so either way the cardium will be a primary focus for us next year


But most all of the waste we mine does stay underground. We don't really bring much to the surface at all. And actually we supplement that waste with tailings from the plant to help with the fills. Great.

but most all of the waste we mine does stay underground we don't really bring much to the surface at all and actually we supplement that waste with tailings from the plant to help with the fills great


Regardless of the channel, we will ensure our customers have the widest selections of high-quality auto parts available to them, while providing them with the confidence that they are selecting the right products for the job.

regardless of the channel we will ensure our customers have the widest selections of high-quality auto parts available to them while providing them with the confidence that they are selecting the right products for the job


both on traditional as well as next-generation programming services. The rapid expansion of our distribution footprint through multiple deals with scaled platforms this quarter is not an anomaly.

both on traditional as well as next-generation programming services the rapid expansion of our distribution footprint through multiple deals with scaled platforms this quarter is not an anomaly


it's -- I tried to express that we believe that the impact would be a single-digit number and I gave you some orders of magnitude and you rightly say that based on those orders of magnitude, that's probably a number on the high side.

it's -- i tried to express that we believe that the impact would be a single-digit number and i gave you some orders of magnitude and you rightly say that based on those orders of magnitude that's probably a number on the high side


Thank you, Katherine, and good afternoon, everyone. I'm pleased to welcome you to our first quarter conference call. Before we begin, I'd like to remind listeners that during this conference call, comments that we make regarding Bridgeline Digital that are not historical facts

thank you catherine and good afternoon everyone i'm pleased to welcome you to our first quarter conference call before we begin i'd like to remind listeners that during this conference call comments that we make regarding bridgeline digital that are not historical facts


As was the case last year and will be for the next several years, the vast majority of our capital investments relate to CPG's extensive inventory of growth in modernization projects.

as was the case last year and will be for the next several years the vast majority of our capital investments relate to cpg's extensive inventory of growth and modernization projects


We are on track to launch a fragrance and color cosmetics line later this year and hair and skin care in 2019. Joe's continues to show strength domestically as well as internationally.

we are on track to launch a fragrance and color cosmetics line later this year and hair and skin care in 2019 joe's continues to show strength domestically as well as internationally


I will begin by saying that we're very pleased with the quarter. We reported record adjusted operating earnings per share that were driven by strong fundamental trends and solid momentum across our businesses.

i will begin by saying that we're very pleased with the quarter we reported record adjusted operating earnings per share that were driven by strong fundamental trends and solid momentum across our businesses


This sales guidance is driven by a number of factors, including the assumption that power outage severity does not improve during 2016. We expect to at least partially offset this impact through our execution on a number of strategic initiatives to increase the awareness and demand

this sales guidance is driven by a number of factors including the assumption that power outage severity does not improve during 2016 we expect to at least partially offset this impact through our execution on a number of strategic initiatives to increase the awareness and demand


Our proposal would result in a company that not only enhances our current leading national and local media company but also strengthens flagship brands in regional and local markets.

our proposal would result in a company that not only enhances our current leading national and local media company but also strengthens flagship brands in regional and local markets


We have built into our plan an iPhone launch that would be comparable to last year's launch of the iPhone 7. We believe there is upside to the plan if the iPhone 8 is significantly improved from the existing form factors in the market.

we have built into our plan an iphone launch that would be comparable to last year's launch of the iphone 7 we believe there is upside to the plan if the iphone 8 is significantly improved from the existing form factors in the market


the primary endpoint of the study, which required a minimum of 6 responses in the first 52 patients to be deemed successful has been met and exceeded with some patients still potentially progressing to response.

the primary endpoint of the study which required a minimum of 6 responses in the first 52 patients to be deemed successful has been met and exceeded with some patients still potentially progressing to response


Prior to the spin, certain costs for resources of the business were not recorded directly in our operations, but instead were recorded centrally at R.R. Donnelley and allocated for the company in the carve-out financial statements.

prior to the spin certain costs for resources of the business were not recorded directly in our operations but instead were recorded centrally at rr donnelley and allocated to the company in the carve-out financial statements


as we have started taking gas in-kind from several operators and have the potential to take more gas in-kind throughout the remainder of the year. We have previously experienced some success in restructuring our gathering and transportation contracts.

if we have started taking gas in kind from several operators and have the potential to take more gas in kind throughout the remainder of the year we have previously experienced some success in restructuring our gathering and transportation contracts


I think it'll be similar to the second quarter. Activity-wise, we're still running the same amount of frac fleets we have been for -- in this quarter as we were last quarter. But we will have some fairly significant-sized pads that are coming online in the second half of this quarter.

i think it will be similar to the second quarter activity-wise we're still running the same amount of frac fleets we have been for -- in this quarter as we were last quarter but we will have some fairly significant size pads that are coming online in the second half of this quarter


then supply the Chinese market and then supply the rest of the world, because from a margin perspective, we obviously have to look after the domestic side first because the margin is so much bigger. So I think it was a lot of manual interventions

then supply the chinese market and then supply the rest of the world because from a margin perspective we obviously have to look after the domestic side first because the margin is so much bigger so i think it was a lot of manual interventions


by the end of March. Our integrated mobile product offering continues to generate new opportunities for us in the marketplace. In this quarter, mobile revenue was up approximately 40% over the prior year.

by the end of march our integrated mobile product offering continues to generate new opportunities for us in the marketplace and this quarter mobile revenue was up approximately 40% over the prior year


As a reminder, the increase in occupancy expense as a percent of revenues is primarily attributable to the Reliant acquisition in which we assumed existing real estate leases on all of the acquired hospitals.

as a reminder the increase in occupancy expense as a percent of revenues is primarily attributable to the reliant acquisition in which we assumed existing real estate leases on all of the acquired hospitals


In this way and as we have mentioned in the previous slides, the cost per risk was stable and at a lower level than seen in 2017, as we can also see in the graph in the lower right side of the slide.

in this way and as we have mentioned in the previous slides the cost per risk was stable and at a lower level than seen in 2017 as we can also see in the graph in the lower right side of the slide


to automate not only the process, but also how we communicate with the customers so they can follow everything, as we've been used to in more consumer-based

to automate not only the process but also how we communicate with the customers so they digitally can follow everything as we've been used to in more consumer-based


This is what we did in the fourth quarter and are continuing to do so in 2016. For me, back to basics means a focus on our customers and on organic growth, establishing our team and core processes,

this is what we did in the fourth quarter and are continuing to do so in 2016 for me back to basics means a focus on our customers and on organic growth establishing our team and core processes


and is expected to last throughout the remainder of 2016. This project creates a logistics challenge that will limit our effective build capacity for the year by upwards of 3,000 units.

and is expected to last throughout the remainder of 2016 this product -- project creates a logistics challenge that will limit our effective build capacity for the year by upwards of 3 000 units


So overall, a reasonably challenging first 6 months for the business, but we are seeing some green shoots, and we are seeing the fundamentals of the business really give us confidence in the future growth of the sector.

so overall a reasonably challenging first 6 months for the business but we are seeing some great shoots and we are seeing the fundamentals of the business really give us confidence in the future growth of the sector


The group's long-term cash profile not only supports our investment grade and our dividend policy, but provides the group with greater flexibility in growing the business through acquisitions.

regroup's long-term cash profile not only supports our investment grade and our dividend policy but provides the group with greater flexibility in growing the business through acquisitions


There is an abundance of new opportunities to convert clients to our efficient testing platform, and these discussions are taking place daily. The Biologics business reported significantly slower growth in the first quarter.

there is an abundance of new opportunities to convert clients to our efficient testing platform and these discussions are taking place daily the biologics business reported significantly slower growth in the first quarter


The digitization of our out-of-home infrastructure is clearly one of the key strategic priorities of our company, and we are constantly evolving our public video network in more stations and public transportation systems.

the digitization of our out-of-home infrastructure is clearly one of the key strategic priorities of our company and we are constantly evolving our public video network in malls stations and public transportation systems


The 2 big challenges that we have recognized and will be very focused on is that this is a complex project to execute because it involves demolition, refurbishment and building new.

the 2 big challenges that we have recognized and will be very focused on is that this is a complex project to execute because it involves demolition refurbishment and building new


I think our degree of exposure is materially different than it used to be. But let me provide some color on the Huawei situation. I would caution people not to lead to the same denial of export that ZTE got.

i think our degree of exposure is materially different than it used to be but let me provide some color on the huawei situation i would caution people not to leap to the same denial of export that zte got


is not only to reduce the cost of the debt, but also to extend the term of the debt. We must wait an additional improvement in our ratings.

is not only to reduce the cost of the debt but also to extend the term of the debt we must wait an additional improvement in our ratings


build houses are connected to fiber, and in areas where the business case is positive, we will invest in fiber. And there are some regional initiatives

build houses are connected to fiber and in areas where the business case is positive we will invest in fiber and there are some regional initiatives


We did, and the increase in core earnings this quarter was driven by the deployment of much of that excess liquidity into the agency sector, which we view as offering compelling risk-adjusted returns.

we did and the increase in core earnings this quarter was driven by the deployment of much of that excess liquidity into the agency sector which we view as offering compelling risk-adjusted returns


if you look at the current portfolio, you'll notice that half of our skincare business is generated in Europe, which was -- only have a limited contribution as a market in the future market growth.

if you look at the current portfolio you'll notice that half of our skincare business is generated in europe which will only have a limited contribution as a market in the future market growth


On the IADS front, we'll start with Synodex, our digital data product that improves both the efficiency and the accuracy of life insurance underwriting by applying digital technologies to healthcare information.

on the iads front we'll start with synodex our digital data product that improves both the efficiency and the accuracy of life insurance underwriting by applying digital technologies to health care information


In addition, each product category is being converted to a planogram, which will streamline operations and allow for greater consistency across stores. This saves labor hours, which can be reinvested into growth initiatives.

in addition each product category is being converted to a planogram which will streamline operations and allow for greater consistency across stores this saves labor hours which can be reinvested into growth initiatives


we are responding with actions that we believe position us well to remain an important, relevant industry participant and to sustain and accelerate our progress. Let me now turn the call over to Brent for a deeper look at our financials. Brent?

we are responding with actions that we believe position us well to remain an important relevant industry participant and to sustain and accelerate our progress let me now turn the call over to brent for a deeper look at our financials brent


building sale in we cannot reveal too much details, but what we can say is it's not going to be easy to reflect the sale proceeds in our earnings within the year.

building sale in myeongdong we cannot reveal too much details but what we can say is it's not going to be easy to reflect the sale proceeds in our earnings within the year


This change will not have a material impact on Marriott International's results, but the commission change should make a meaningful difference to hotel owners, particularly those where group business is a significant share of their overall occupancy.

this change will not have a material impact on marriott international's results but the commission change should make a meaningful difference to hotel owners particularly those where group business is a significant share of their overall occupancy


or is it just your expectation that the process will conclude within the next few months? So we're in the middle of a process. And I feel very good about the quality of the candidates that are interested in Assurant and that we're interested in.

or if it's just your expectation that the process will conclude within the next few months so we're in the middle of a process and i feel very good about the quality of the candidates that are interested in ensuring that we're interested in


The spring selling season got off to a strong start in the Southwest, as our operations in Nevada, Arizona and Colorado all produced a sales pace above the company average in the first quarter.

the spring selling season got off to a strong start in the southwest as our operations in nevada arizona and colorado all produced a sales pace above the company average in the first quarter


is that a -- like can you give us some sense, is that a national or international contract? I mean would they have issues with being able to do that work in another location if you moved to a plan b site?

is that a -- like can you give us some sense is that like a national or international contractor i mean would they have issues with being able to do that work in another location if you moved to like a plan b site


These investors see our anemia program as an outstanding investment opportunity and have been intrigued with the possibilities of our Caiman subsidiary over the China , where we have admitted minority investors in the past.

these investors see our anemia programs as an outstanding investment opportunity and have been intrigued with the possibilities of our cayman subsidiary over the china woofie where we have admitted minority investors in the past


couple of months with a bunch of conferences where we hope to be able to provide some updates on our clinical programs and even our preclinical programs as well. So I think I'll turn it back to

a couple months with a bunch of conferences where we hope to be able to provide some updates on our clinical programs and even our preclinical programs as well so i think i'll turn it back to


Approximately 75% of this increase in site level operating expenses was due to newly acquired sites for which operating expenses are fully loaded into our results very soon after acquisition.

approximately 75% of this increase in site level operating expenses was due to newly acquired sites for which operating expenses are fully loaded into our results very soon after acquisition


We are pleased with the performance we saw in the second half of the year and believe the changes we made will drive strong momentum through 2018. Another strong performer for the year was client sales.

we are pleased with the performance we saw in the second half of the year and believe the changes we made will drive strong momentum through 2018 another strong performer for the year was client sales


Because we have an established technical center in India within TriMas, we are exploring adding engineering resources to our Aerospace team, thereby adopting a similar 24-hour engineering model.

because we have an established technical center in india within trimas we are exploring adding engineering resources to our aerospace team thereby adopting a similar 24-hour engineering model


the commoditization of all products within that space, price emphasized in virtually every ad and the coming significant disruptions that will be created by driverless vehicles.

the commoditization of all products within that space price emphasized in virtually every ad and the coming significant disruptions that will be created by driverless vehicles


And I assume that any acquisition of any small business is not going to take you outside of your -- or much outside of your targeted leverage range. Would that be a fair statement?

and i assume that any acquisition of any small business is not going to take you outside of your -- or much outside of your targeted leverage range would that be a fair statement


other factors like plant turnarounds that are in process. So it's more -- it's better from a reliability standpoint to assess on year-over-year and there was a significant improvement in that time period.

other factors like plant turnarounds that are in process so it's more -- it's better from a reliability standpoint to assess on year-over-year and there was a significant improvement in that time period


Production is more than 7 million cubic feet equivalent per day and the sales will include developed and undeveloped acreage. The first package is expected to contain our developed and undeveloped interests in Dewey County, Oklahoma.

production is more than 7 million cubic feet equivalent per day and the sales will include developed and undeveloped acreage the first package is expected to contain our developed and undeveloped interest in dewey county oklahoma


it -- looks like you've just changed the description from robust to good in terms of the outlook. It feels like global GDP growth is still looking pretty robust. So can you just talk about the change there?

it looks like you've just changed the description from robust to good in terms of the outlook it feels like global gdp growth is still looking pretty robust so can you just talk about the change there


We've already received letters of eligibility from FHWA for products tested and submitted for review and are in process of completing testing and preparing requests for eligibility of the next group of products.

we've already received letters of eligibility from fhwa for products tested and submitted for review and are in process of completing testing and preparing requests for eligibility of the next group of products


should we incubate some of those products in a new distribution system, let them reach a certain size before you put them in the main DSD system because, clearly, they need to be incubated in a different place in the store, especially in the single-serve channels.

should we incubate some of those products in a new distribution system let them reach a certain size before you put them in the main dsd system because clearly they need to be incubated in a different place in the store especially in the single-store channels


I think consistent with what we've been saying is, I see us being in the very, very high single digit on the loan growth side. I think that the opportunities that are out there were again we're able to get.

i think consistent with what we've been saying is i see us being in the very very high single digit on the loan growth side i think that the opportunities that are out there where again we're able to get


which are made possible through PFSI's specialized capabilities as our manager and service provider, in addition to investments in small balance multifamily loans.

which are made possible through pfsi's specialized capabilities as our manager and service provider in addition to investments in small balance multifamily loans


And so with the things that we have sold, we have sold them principally to people who have one of 2 things, either a different expectation of long-term performance than we have,

and so with the things that we have sold we have sold them principally to people who have one of two things either a different expectation of long-term performance than we have


As mentioned earlier, we are currently expanding our in-house staffing for the development side of CoreCivic Properties, but we are also adding staff to provide more expertise and resources on scoping, acquiring and managing these type of properties.

as mentioned earlier we are currently expanding our in-house staffing for the development side of corcivic properties but we are also adding staff to provide more expertise and resources on scoping acquiring and managing these type of properties


portion of stores, some of that was Howard identifying that the middle of the country might have seen some of the faster growth and that they weren't really Espresso-drinking, and the brand didn't resonate as well when you tried to more densely populate those areas with your stores.

portion of stores some of that was howard identifying that the middle of the country might have seen some of the faster growth and that they weren't really espresso drinking and the brand didn't resonate as well when you tried to more densely populate those areas with your stores


Next, I will outline the strategic initiative we have launched to improve our profitability and revenue generation. I will close by reflecting on our GP's vision and the relevance of our business model in today's economy.

next i will outline the strategic initiatives we have launched to improve our profitability and revenue generation i will close by reflecting on rgp's vision and the relevance of our business model in today's economy


coming in. And therefore, we are highlighting the fact that it's difficult for us to see when are these orders coming in, in which quarters are they coming in?

coming in and therefore we are highlighting the fact that it's difficult for us to see when are these orders coming in in which quarters are they coming in


The expansion of business scope resulted in increased operation-linked and sales-linked expenses. Plus, maintenance expenses also increased due to a comprehensive review of safety and service quality.

the expansion of business scope resulted in increased operation linked and sales linked expenses plus maintenance expenses also increased due to a comprehensive review of safety and service quality


And had some active discussions with them in the early part of the week and essentially by Wednesday, end of business day U.S. time, OFAC had approved the transaction that allowed us to transfer the shares

and had some very active discussions with them in the early part of the week and essentially by wednesday end of business day u s time ofac had approved the transaction that allowed us to transfer the shares


Yes. The first part of the first question was relevant to our reduction in the guidance for the CapEx. Yes, basically, this is relevant to the fact that the

yes the first part of the first question was relevant to our reduction in the guidance for the capex yes basically this is relevant to the fact that


Concurrently, we are engaged in separate settlement negotiations with Meda. The amount of any final payment to us remains uncertain, and as such we have not recognized any gains in our financial statements.

concurrently we are engaged in separate settlement negotiations with meta the amount of any final payment to us remains uncertain and as such we have not recognized any gains in our financial statements


We have a strong foundation with attractive markets and customers, a proven track record and an experienced leadership team to execute our strategy. In conclusion, our strong balance sheet,

we have a strong foundation with attractive markets and customers a proven track record and an experienced leadership team to execute our strategy in conclusion our strong balance sheet


about 90% of other revenue next year will be the loyalty revenue that goes through other. So is there a plan to either rename or break out that line next year? Why would you continue to call it other when that's not really what it will be?

about 90% of other revenue next year will be the loyalty revenue that goes through other so is there a plan to either rename or break out that line next year why would you continue to call it other when that's not really what it will be


The current assumption is that it would. But one of the opportunities that we have by staggering the trials a bit is to be able to look at some of the data, obviously, in an unmatched way to be able to inform what we might do with the second trial.

the current assumption is that it would but one of the opportunities that we have by staggering the trials a bit is to be able to look at some of the data obviously in a non-mass way to be able to inform what we might do with the second trial


are able to take that new structure and go to market much more effectively than we could before. So our goal is to grow the AUM here. And if we have great opportunities to add an acquisition to this equation, we will absolutely look at that.

are able to take that new structure and go to market much more effectively than we could before so our goal is to grow the aum here and if we have great opportunities to add an acquisition to this equation we absolutely look at that


In summarizing our consolidated sales growth assumptions for 2016, we expect total core organic growth on a constant currency basis to be down between 5% to 7% compared to the prior year, with only a minimal negative impact from foreign currency.

in summarizing our consolidated net sales growth assumptions for 2016 we expect total core organic growth on a constant currency basis to be down between 5% to 7% compared to the prior year with only a minimal negative impact from foreign currency


Western housing starts increased 30% in March compared with February as rain and snow receded. And we are hearing of increased demand for cement and rebar in a number of areas, signs that foundations are being poured.

western housing starts increased 30% in march compared with february as rain and snow receded and we are hearing of increased demand for cement and rebar in a number of areas signs that foundations are being poured


and how we reserve for it. Doesn't mean that if you executed a deal today there wouldn't be a discount based on other factors that are out there. You would have to think about long-term interest rates as an example. If they continue to rise, that's a benefit.

and how we're reserved for it doesn't mean that if you executed a deal today there wouldn't be a discount based on other factors that are out there you'd have to think about long-term interest rates as an example if they continue to rise that's a benefit


I know you guys have a guidance out there. But given your results would imply the company reaching the margin guidance earlier than expected, at least my perception here. I was wondering if you can walk us through the stage

i know you guys have a guidance out there but given your results would imply the company reaching the margin guidance earlier than expected at least my perception here i was wondering if you can walk us through the stage


requested to provide it. And the company, at different points in time, said that collecting the information from its distributors would be unduly burdensome. It would be too costly. At certain points in time, they said that they don't track the information. They don't think it's meaningful

requested to provide it and the company at different points in time said that collecting the information from its distributors would be unduly burdensome it would be too costly at certain points in time they said that they don't track the information they don't think it's meaningful


exactly the same stable level. And then if needed we flex using temporary manning, which means that if or rather when the downturn will come, we will be also rather fast in adjusting our manning

exactly the same stable level and then if needed we flex using temporary manning which means that if or rather when the downturn will come we will be also rather fast in adjusting our manning level


We've developed new digital search and access tools that help sellers understand the full offering across all of our brands. The ecosystem effort has also included targeted product launches that aid our dealers in winning new business every day.

we've developed new digital search and access tools that help sellers understand the full offering across all of our brands the ecosystem effort has also included targeted product launches that aid our dealers in winning new business every day


everyone wants things shipped for free. So I think right now we are sort of in the place of figuring out how we can more efficiently and effectively provide shipping at a rate the customer is happy with and I think that's a problem that we can solve relatively soon.

everyone wants things shipped for free so i think right now we are sort of in the place of figuring out how we can more efficiently and effectively provide shipping at a rate that customers can pay lift but i think that's a problem that we can solve relatively soon


and the updated considerations related to this guidance are included on Slide 14. I'd like to spend a few moments and elaborate on some of the items we expect to impact our performance in the second half of the year.

and the updated considerations related to this guidance are included on slide 14 i'd like to spend a few moments and elaborate on some of the items we expect to impact our performance in the second half of the year


like the customer reference I mentioned in my prepared remarks, just that one customer is going to be able to replace 11 vendors. And so we came after this in a little bit of a different way because of

like the customer reference i mentioned in my prepared remarks just that one customer is going to be able to replace 11 vendors and so we came at this in a little bit of a different way because of


A replay of the conference call will be available shortly after the conclusion of this call until Friday, May 10, 2019. Instructions for accessing this replay are included in our first quarter 2019 earnings press release.

a replay of the conference call will be available shortly after the conclusion of this call until friday may 10 2019 instructions for accessing this replay are included in our first quarter 2019 earnings press release


on the 3 businesses I talked about. As you can imagine, once you're cut, you've got a pathway to get back in, but it's not going to be with the exact same items that have just been discontinued. You've basically got to rebuild

on the 3 businesses i talked about as you can imagine once you're cut you've got a pathway to get back in but it's not going to be with the exact same items that have just been discontinued you basically got to rebuild


At the utilities, the hot summer weather was a big help, with revenues up on higher volumes of electricity sold and lower cost with less storm activity across the system.

at the utilities the hot summer weather was a big help with revenues up on higher volumes of electricity sold and lower cost with less storm activity across the system


where we expressed confidence in our ability to manage the factors under our control and to deal with fourth quarter challenges, like weather, a promotional holiday season and excess inventory in the marketplace.

where we express confidence in our ability to manage the factors under our control and to deal with fourth quarter challenges like weather a promotional holiday season and excess inventory in the marketplace


Okay. I don't expect it to soften from where we are today, but I don't expect it to do what we thought it would do originally. And it is a part of the guidance takedown. We had hoped for

okay i don't expect it to soften from where we are today but i don't expect it to do what we thought it would do originally and it is a part of the guidance take down we had hopes for


mainly electric expense in California, Arizona and Florida, as well as the timing of certain maintenance projects were the main contributors to the favorable variance. We also realized lower-than-expected membership sales and marketing expenses.

mainly electric expense in california arizona and florida as well as the timing of certain maintenance projects were the main contributors to the favorable variance we also realized lower-than-expected membership sales and marketing expenses


today to develop larger relationships and new relationships. So there's an overall program being put together on the enterprise side. And as Dave said, a tremendous effort will go into ventures.

today to develop larger relationships and new relationships so there's an overall program being put together on the enterprise side and as dave said a tremendous effort will go into ventures


some gets pushed indefinitely. In the construction industry, there's only so many daylight hours in a day. So there's only so much work that can be done in any given day. Certainly, our customers will try to catch up to the extent possible,

some gets pushed indefinitely in the construction industry there's only so many daylight hours in a day so there's only so much work that can be done in any given day certainly our customers will try to catch up to the extent possible


The second is the stability agreement. The stability agreement effectively gives the fiscal and legal stability, which is required for certainly the initial 10-year period, and there is an option for both parties to extend it by another 5 years.

the second is the stability agreement the stability agreement effectively gives the fiscal and legal stability which is required for certainly the initial 10-year period and there is an option for both parties to extend it by another 5 years


In the Space Systems Group, we launched and birth the Cygnus spacecraft on our OA-6 cargo mission to the space station in March, just weeks after the previous Cygnus completed the OA-4 flight that began last December.

in the space systems group we launched and berthed the cygnus spacecraft on our oa-6 cargo mission to the space station in march just weeks after the previous cygnus completed the oa-4 flight that began last december


even with that for Europe -- for England. In Europe, we haven't seen a significant change. It's very -- it's a quiet time for us. While June is the biggest month of the quarter, and we shipped well to our expectations,

even with that for europe -- for england in europe we haven't seen a significant change it's very -- it's a quiet time for us while june is the biggest month of the quarter and we shipped well to our expectations


too high, given the fact that the government is restricting how many new candidates we get and to exempt the people paying more and more for the service and don't see newer candidates at the same rate they did before because the government is restricting

pricing too high given the fact that the government is restricting how many new candidates we get and to the extent that people pay more and more for the service and don't see newer candidates at the same rate they did before because the government's restricting


And in the pursuit of this goal, our largest and most important partners have told us that our iPass SmartConnect technology has a 12- to 18-month lead over any competition.

and in the pursuit of this goal our largest and most important partners have told us that our ipass smartconnect technology has a 12- to 18-month lead over any competition


we've come up with our market-leading cyber product and the gap medical and other products we continue to launch and think about. Some have been a lot more successful than others and our aim is to continue to innovate in an industry that is not generally that innovative.

we've come up with our market-leading cyber product and the gap medical and other products we continue to launch and think about some have been a lot more successful than others and our aim is to continue to innovate in an industry that is not generally that innovative


furnaces and the whole cracker in operation before you get to production. So it's really the issue of derivatives first, then the cracker. But within the cracker, there are a number of systems that start to come up in advance of the hydrocarbon end tube for the feed system.

furnaces and the whole cracker operation before you get production so it's really the issue of driveties first then the cracker but within the cracker there are a number of systems that start to come up in advance of the hydrocarbon into -- for the feed system


As we accelerate the launch of KEYTRUDA around the world, our researchers are continuing to study KEYTRUDA with an extensive clinical development program that spans a multitude of cancer types.

as we accelerate the launch of keytruda around the world our researchers are continuing to study keytruda with an extensive clinical development program that spans a multitude of cancer types


We were doing technical and professional claims. We knew the amount of the gross bill, which was higher than what we thought the revenue would be. So that the amount that was accrued for revenue

we were doing technical and professional claims we knew the amount of the gross bill which was higher than what we thought the revenue would be so the amount that was accrued for revenue


First quarter free cash flow was negative, as expected, due to the acceleration of free cash flow in the fourth quarter of last year as well as an increase in the internal service work in progress inventories.

first quarter free cash flow was negative as expected due to the acceleration of free cash flow in the fourth quarter of last year as well as an increase in internal service work-in-progress inventories


of what we think will take place on that site is going to be residential. And it also improves the whole circulation in and around the downtown. And so for us, there's -- bringing more people to the downtown is very positive. We've got

of what we think will take place on that site is going to be residential and it also improves the whole circulation in and around the downtown and so for us there's -- bringing more people to the downtown is very positive we've got


The same thing on the cellular. There are people who are now running around saying, well, we have cellular, too, but you have to look very carefully at that because some people are referring to a cellular backhaul. In other words, the water meter

the same thing on the cellular there are people who are now running around saying well we have cellular too but you have to look very carefully at that because some people are referring to a cellular backhaul in other words the water meter


And that's what's behind what's going on in the platform area, whether it be on sales management, whether it be on marketing, whether it be on customer management and whether it be on what you deliver to your customers either at the event, before the event or after the event.

and that's what's behind what's going on in the platform area whether it be on sales management whether it be on marketing whether it be on customer management and whether it be on what you deliver to your customers either at the event before the event or after the event


allowing them to drill at an average rate 79 feet per hour faster than a direct offset, which used a standard Agitator. In Colorado, the Agitator HE allowed another customer to drill with 22% less weight on bit

allowing them to drill at an average rate 79 feet per hour faster than a direct offset which used a standard agitator in colorado the agitator he allowed another customer to drill with 22% less weight on bit


In the quarter, we introduced a number of new products and technology enhancements during the major fall trade show season at both the Labelexpo Americas and PACK EXPO International trade shows, both held in Chicago this year.

in the quarter we introduced a number of new products and technology enhancements during the major fall trade show season at both the label expo americas and pac expo international trade shows both held in chicago this year


some digital native players, maybe in a case like Twitter in the news this week? Does it really open the door to allow you to bring more of your products to bear with these clients? Yes,

some digital native players maybe in a case like twitter and the news this week does it really open the door to allow you to bring more of your products to bear with these clients


Last week, we convened a meeting of players from across the industry, including a wide range of media owners and agencies to continue those discussions. This was an important, positive and productive step.

last week we convened a meeting of players from across the industry including a wide range of media owners and agencies to continue those discussions this was an important positive and productive step


implies a case-mix index improvement of more than 1%. And as you do recall from previous calls, that meets the clear main top line goal to develop

implies a case mix index improvement of more than 1% and as you do recall from previous calls that meets the clear main top line goal to develop


Of course, we need partner because we know clinics, but we do not necessarily know venture capital. So we have selected -- after many, many discussions, we have selected what we believe is a premier partnership

of course we need partner because we know clinics but we do not necessarily know venture capital so we have selected -- after many discussions we have selected what we believe is a premier partnership


and stock repurchases to include -- excuse me, to increase shareholder value. Each of these 3 aspects will hopefully help you understand why Ichor is a great company and a great investment.

and stock repurchases to include -- excuse me to increase shareholder value each of these 3 aspects will hopefully help you understand why icore is a great company and a great investment


We continue to expect stronger earnings in the second half of the year as we realize synergies related to UXC and Xchanging, and we benefit from other cost initiatives.

we continue to expect stronger earnings in the second half of the year as we realize synergies related to ufc and exchanging and we benefit from other cost initiatives


revenues and expenses included in IFRS basis. Next slide. This shows the positive and negative factors on each business impacting our revenue in the first quarter.

revenues and expenses included in ifrs basis next slide this shows the positive and negative factors on each business impacting our revenue in the first quarter


And we look forward to multiple additional data sets being presented and available on Acthar that will also help patients and prescribers we believe identify the appropriate patients and appropriate duration of therapy.

and we look forward to multiple additional datasets being presented and available on acthar that will also help patients and prescribers we believe identify the appropriate patients and appropriate duration of therapy


Since this will be my last quarterly call, I also wanted to -- I also want to let the analyst community know how much I've enjoyed our interaction over the years. For sure, I've learned a lot from each one of you. With these comments, I will now turn the call over to Darren.

since this will be my last quarterly call i also want to let the analyst community know how much i've enjoyed our interaction over the years for sure i have learned a lot from each one of you with these comments i will now turn the call over to darren


And it was a very small adjustment as you know. So hopefully that gives you a little more color. But it'll give us more certainty going forward, we'll know exactly how much per ton we're going to be see after we adjust for inflation. So.

and it was a very small adjustment as you know so hopefully that gives you a little more color but it'll give us more certainty going forward we'll know exactly how much per ton we're going to receive after we adjust for inflation so


stabilization or decline, then we as vendors, companies, we should seize the opportunity. If you cannot leverage and benefit from it, then difficult times are ahead of you.

stabilization or decline then we as vendors companies we should seize the opportunity if you cannot leverage and benefit from it then difficult times are ahead of you


This is not something I expect to achieve overnight, but it is something I'm intent on achieving and something that we can reasonably expect to achieve over time.

this is not something i expect to achieve overnight but it is something i'm intent on achieving and something that we can reasonably expect to achieve over time


we speak about Luizacred net income. We have 2 charts, one we show net income and the other chart shows operating income. When you look at the operating

we speak about luisa correct net income we have 2 charts one we show net income and the other chart shows operating income when we look at the operating


These numbers reflect strong performance indicators, which are the direct outcome of our strategic investments in top technologies and networks.

these numbers reflect strong performance indicators which are the direct outcome of our strategic investments in top technologies and networks


Yes. I mean it really gets down to making sure that as we convert inventory to receivables getting that collected by year end. So it's really a timing issue of

yes i mean it really gets down to making sure that as we convert inventory to receivables getting that collected by year-end so it's really a timing issue of how


She will continue to work with us to ensure an effective hand off to her successor, and I want to personally thank her for the great contribution she has made and will continue to make to NextGen. She will always be part of the NextGen family and will always have a home here. Thank you, Jocelyn.

she will continue to work with us to ensure an effective handoff to her successor and i want to personally thank her for the great contribution she has made and will continue to make to nextgen she will always be part of the nextgen family and will always have a home here thank you jocelyn


So here would be some opportunities to optimize our footprint in Poland by cooperating in certain locations where

so here would be some opportunities to optimize our footprint in poland by cooperating in certain locations where


We also displaced a large legacy vendor in a U.S. civilian agency. The vast majority of our new business deals are still greenfield, but it's rewarding when prospects determine that our solution is a better strategic fit to secure their infrastructure.

we also displaced a large legacy vendor in a u s civilian agency the vast majority of our new business deals are still greenfield but it's rewarding when prospects determine that our solution is a better strategic fit to secure their infrastructure


Steady low growth, combined with increases in a number of customers, productive regulatory outcomes and the management of operating expenses, all play significant roles as we look at the need and timing of our next general rate case.

steady low growth combined with increases in the number of customers productive revulatory outcomes and the management of operating expenses all play significant roles as we look at the need and timing of our next general rate cases


Some of the charges in our significant items this quarter are a result of that work but we expect there will be more in 2018. We are at the tail end of our review, and we'll provide an update at our March 8 Investor Day.

some of the charges in our significant items this quarter are a result of that work but we expect there will be more in 2018 we are at the tail end of our review and will provide an update at our march 8 investor day


These results are especially good, considering the impact of a major project wrapping up in the third quarter and a decline in defense technology development during the year, both of which we have discussed previously.

these results are especially good considering the impact of a major project wrapping up in the third quarter and a decline in defense technology development during the year both of which we have discussed previously


And we're starting to get a little bit bullish on winter gas prices of course, not much cold weather has really shown up this fall already and already we're seeing a lot of pressure on the ability of the supply to meet demand.

and we're starting to get a little bit bullish on winter gas prices of course not much cold weather has really shown up this fall already and already we're seeing a lot of pressure on the ability of the supply to meet demand


For many years, Rollins has been considered the acquirer of choice for many family-owned companies. We feel that we're in a great position to continue to deploy capital to get the best return for our shareholders.

for many years rollins has been considered the acquirer of choice for many family-owned companies we feel that we are in a great position to continue to deploy capital to get the best return for our shareholders


Please review the cautionary statements included in our press release and presentation as well as the risk factors described in our most recent Form 40-F and the Annual Information Form. I will now turn the call over to Michael.

please review the cautionary statements included in our press release and presentation as well as the risk factors described in our most recent form 40-f and the annual information form i will now turn the call over to michael


Additionally, rate case expenses in New Mexico can be significant, and the estimated revenue deficiency does not justify the time and expense to file. Finally, we believe the delay will allow us the opportunity to fully analyze our options

additionally rate case expenses in new mexico can be significant and the estimated revenue deficiency does not justify the time and expense to file finally we believe the delay will allow us the opportunity to fully analyze our options


on Page 6. As the ones who had a chance to come to Capital Markets Day heard me say, no change in the principal strategy of Sonova. We like our vertically integrated business model.

on page 6 as the ones who had a chance to come to capital markets day heard me say no change in the principal strategy of sonova we like our vertically integrated business model


Looking next at new contracts within CoreCivic Safety. In July, we began receiving offenders from the City of Mesa, Arizona at our Central Arizona Florence Correctional Complex under a 3-year contract.

looking next at new contracts within corecivic safety in july we began receiving offenders from the city of mesa arizona at our central arizona florence correctional complex under a 3-year contract


As my colleagues and I have learned over our years in the industry, you cannot control market cycles, government policies or commodity prices. You can only control how you operate and deliver to your client.

as my colleagues and i have learned over our years in the industry you cannot control market cycles government policies or commodity prices you can only control how you operate and deliver to your clients


Other markets that benefited us with the growth was Ghana and Zambia in particular, where we're working very closely with our distributor party -- partners in order to build our brands and drive market penetration.

other markets that benefited us with the growth was ghana and zambia in particular where we're working very closely with our distributor party -- partners in order to build our brands and drive market penetration


As we discussed at Investor Day, improved earnings, better working capital performance and our advantaged tax position will translate into a high rate of conversion of adjusted earnings into free cash flow,

as we discussed at investor day improved earnings better working capital performance and our advantaged tax position will translate into a high rate of conversion of adjusted earnings into free cash flow


that gives us any concern about being successful in the permitting process. It's just taking more time. So when you factor that into our capital plans, as Steven said, that has resulted in moving our expenditures,

that gives us any concern about being successful in the permitting process it's just taking more time so when you factor that into our capital plans as steven said that has resulted in moving our expenditures


We achieved these strong operational results while preserving the strength of our balance sheet and maintaining our dividend in 2016. Over our 14-year history of paying a dividend, we have increased our dividend 3x and have never reduced it.

we achieved these strong operational results while preserving the strength of our balance sheet and maintaining our dividend in 2016 over our 14-year history of paying a dividend we have increased our dividend 3 times and have never reduced it


Although we continue to face some economic headwinds and believe foreign currency will continue to be volatile, we are excited about our prospects and we remain confident in our ability to deliver on the year.

although we continue to face some economic headwinds and believe foreign currency will continue to be volatile we are excited about our prospects and we remain confident in our ability to deliver on the year


Is there a view of replacing that near term? You've got the Chamouchouane project now starting to hit its stride. Do you think that, that will be an offsetting factor so that you can sort of flat line the revenue in Canada this year or perhaps even grow that?

is there a view of replacing that near term you've got the shabwshim project now starting to hit its stride do you think that that will be an offsetting factor so that you can sort of flatline the revenue in canada this year or perhaps even grow that


It's clear that moviegoers are continuing to enjoy movies in a theater environment as opposed to TV or on another device as long as theater operators provide quality services and experiences.

it's clear that moviegoers are continuing to enjoy movies in a theater environment as opposed to tv or on another device as long as theater operators provide quality services and experiences


it's very difficult to say. We expect that the next couple of months, we still have some price rises and unless something different happens.

it's very difficult to say we expect that the next couple of months we'll still have some price rises and unless something different happens


and converting it into a platform which will change the talent landscape nationally. So we are putting our scale to the greater good of this overall industry and redefining how we go about looking at

and converting it into a platform which will change the talent landscape nationally so we are putting our scale for the greater good of this overall industry and redefining how we go about looking at


Our overall financial performance for the fourth quarter exceeded our most recent guidance expectations with net sales and margins continuing the strong seasonal performance experienced during the second half of 2015. Despite the persistent very low power outage environment in the quarter,

our overall financial performance for the fourth quarter exceeded our most recent guidance expectations with net sales and margins continuing the strong seasonal performance experienced during the second half of 2015 despite the persistent very low power outage environment in the quarter


I've said consistently that nothing is for sale and everything is for sale. That it depends on circumstances, it depends on price, on offer, by comparison to value in company and also market perceptions of value, and it depends on use of proceeds.

i've said consistently that nothing is for sale and everything is for sale that it depends on circumstances it depends on price on offer by comparison to value in company and also market perceptions of value and it depends on use of proceeds


So historically, that's been a component part. So that's a long way of giving some foundational comments to say if I were throwing the proverbial dart, I would probably

so historically that's been a component part so that's a long way of giving some foundational comments to say if i were throwing the dart i would probably


give you new capabilities. Is that still your focus, or would you contemplate something that would be more financially motivated that had top savings opportunities, but was less strategic when it came to new capabilities?

give you new capabilities is that still your focus or would you contemplate something that would be more financially motivated that had cost savings opportunities but was less strategic when it came to new capabilities


None of this happens on its own, it takes a lot of hard work, dedication and effort, and so I'd like to take a moment to thank our board, our management team and our associates, every one of you for a job well done.

none of this happens on its own it takes a lot of hard work dedication and effort and so i'd like to take a moment to thank our board our management team and our associates every one of you for a job well done


While much of this progress is not visible externally, these changes will drive our overall productivity and help create long-term value for the company. We also recognize the importance of aggressively managing our cost structure.

while much of this progress is not visible externally these changes will drive our overall productivity and help create long-term value for the company we also recognize the importance of aggressively managing our cost structure


I think the most likely leading wave of new types of reactors will be the small modular reactors that are actually new kind of pressurized water reactors like my NuScale. And

i think the most likely leading wave of new types of reactors will be the small modular reactors that are actually new kinds of pressurized water reactors like by nuscale and


So before we open to questions, let me wrap up in a few words. We are rather pleased with Q1 since we are making progress on the initiatives that we highlighted as our priorities

so before we open to questions let me wrap up in a few words we are rather pleased with q1 since we are making progress on the initiatives that we highlighted as our priorities


have to be very -- as always, have to be very cautious and look at each product by product and market by market. And for us, as you know, we are very long term. And for us, it's always about having the best customer offering in each market.

we have to be -- as always have to be very cautious and look at each product by product and market by market and for us as you know we are very long term and for us it's always about having the best customer offering in each market


is what it sounds like, which is we're building new lines -- new production lines. We've got some existing footprint that we can fill out, and we can put in new production lines. Including this year, we've done some dry sausage lines,

is what it sounds like which is we're building new lines new production lines we've got some existing footprint that we can fill out and we can put in new production lines including this year we've done some dry sausage lines


Ladies and gentlemen, that does conclude today's conference call. We do thank you for attending. You may now disconnect your telephone lines.

ladies and gentlemen that does conclude today's conference call we do thank you for attending you may now disconnect your telephone lines


We were happy to see a good level of project discussions and new product introductions in the quarter, including many global fragrance launches, such as Lacoste, Michael Kors and Hugo Boss.

we were happy to see a good level of project discussions and new product introductions in the quarter including many global fragrance launches such as lacoste michael kors and hugo boss


building companies and maximizing shareholder value. KLRE was looking to invest in a unique opportunity with long-term growth potential and the ability to grow organically and through acquisitions.

building companies and maximizing shareholder value klre was looking to invest in a unique opportunity with long-term growth potential and the ability to grow organically and through acquisitions


with our assembly lines within the tank trailer business they'll shift from product to product based on what the strongest demand is and that's a real benefit to the business.

with our assembly lines within the tank trailer business that they'll shift from product to product based on what the strongest demand is and that's a real benefit to the business


because of a tough comparison resulting from a large order that occurred in the second quarter of 2017. This result was consistent with the expectations that we had mentioned on our first quarter earnings call.

because of a tough comparison resulting from a large order that occurred in the second quarter of 2017 this result was consistent with the expectations that we had mentioned on our first quarter earnings call


Focus a little bit more on that segment and show you in more detail what the profile of the various assets looks like and how we would structure that transaction segment in itself. At the moment, we are more

focus a little bit more on that segment and show you in more detail what the profile of the various assets looks like and how we would structure that transaction segment in itself at the moment we are more


So Allison had a follow-on question. Do we collaborate with traditional brick-and-mortar retailers that have successful online strategies? The answer to that question is yes

so allison had a follow-on question do we collaborate with traditional brick-and-mortar retailers that have successful online strategies the answer to that question is yes


That all makes sense, Evan. And then maybe just turning to nonres. It sounds like outside of the slip in February, you feel pretty good about the end market, and you cited a number of areas where projects continue to be strong.

that all makes sense evan and then maybe just turning to non-res it sounds like outside of the split in february you feel pretty good about the end market and you cited a number of areas where projects continue to be strong


More recently, we had experienced lower manufacturing scrap rates and are working aggressively with customers to recover pricing. We remain optimistic about delivering a turnaround at Superform by the end of the year.

more recently we have experienced lower manufacturing scrap rates and are working aggressively with customers to recover pricing we remain optimistic about delivering a turnaround at superforms by the end of the year


Most people enter our business, Sean, virtually all through the life insurance door and start a life insurance business first. But over time, they migrate to their strengths, their personal strengths as well as the markets they happen to be in.

most people enter our business sean virtually all through the life insurance door and start a life insurance business first but over time they migrate to their strengths their personal strengths as well as the markets they happen to be in


but it will come. And I think when it becomes clear, we're going to see cash balances of clients going down and basically accordingly transaction volumes going up and margins going up. And this is going to be a mix of more positive outlook,

but it will come and i think when it becomes clear we're going to see cash balances of clients going down and basically accordingly transaction volumes going up and margins going up and this is going to be a mix of more positive outlook


Political advertising remains inconsequential for the quarter, although we expect a nice lift from election-related spending beginning in September. And while it is very early, our pacings for the second half of the year are quite strong.

political advertising remains inconsequential for the quarter although we expect a nice lift from election-related spending beginning in september and while it is very early our pacings for the second half of the year are quite strong


pretty jarring result to nearly make no money. I'm just curious, if you look across that portfolio, it seems like there's several businesses that should be reasonably good. So are there some reasonable lossmakers in there at the moment?

pretty jarring result to nearly make no money i'm just curious if you look across that portfolio it seems like there are several businesses that should be reasonably good so are there some reasonable loss makers in there at the moment


In 2018, all the banners will continue to collaborate to improve all aspects of our operations, moving from a banner view of operating effectiveness to a One Company framework, where the benefits will be larger and accrue faster.

in 2018 all the banners will continue to collaborate to improve all aspects of our operations moving from a banner view of operating effectiveness to one company framework where the benefits will be larger and accrue faster


and driving increasing price yield through a deeper understanding of the value our products and services provide our customers. As we migrate from a product-based organization to an organization more closely aligned around targeted market segments,

and driving increasing price yield through a deeper understanding of the value our products and services provide our customers as we migrate from a product-based organization to an organization more closely aligned around targeted market segments


Although we experienced significant headwinds in the first quarter, particularly in the form of rising contained metal and freight costs and continued aerospace supply chain destocking, we expect that these headwinds will moderate as we proceed through the year.

although we experienced significant headwinds in the first quarter particularly in the form of rising contained metal and freight costs and continued aerospace supply chain destocking we expect that these headwinds will moderate as we proceed through the year


Our products are channel-agnostic and sell across a wide variety of retailers and channels around the world. Our business is not hit-driven but a balance of mixed, evergreen back catalog content and newly released content.

our products are channel agnostic and sell across a wide variety of retailers and channels around the world our business is not hit-driven but a balance of mixed evergreen back catalog content and newly released content


with the prior quarter. Our exposure to heavy equipment also includes sales into the agricultural equipment market, which has weakened recently, but has not impacted us the same -- to the same extent as our OEMs. On

with the prior quarter our exposure to heavy equipment also includes sales into the agriculture equipment market which has weakened recently but has not impacted us the same -- to the same extent as our oems


I want to thank our program management and clinical operations groups who continue to work tirelessly to maintain this pace. I would also like to acknowledge the clinical investigators who have been equally motivated and extremely successful at enrolling these studies.

i want to thank our program management and clinical operations groups who continue to work tirelessly to maintain this pace i would also like to acknowledge the clinical investigators who have been equally motivated and extremely successful at enrolling these studies


nothing would dissuade you from coming to that type of a conclusion in terms of relative outperformance. Now, clearly, the past is not an indication of what the future could become,

nothing would dissuade you from coming to that type of a conclusion in terms of relative outperformance now clearly the past is not an indication of what the future could become


Thank you, and I would like to thank everyone for participating on our second quarter call today. I think when you compare to a year ago, there are a lot of really good positive improvements,

thank you and i would like to thank everyone participating on our second quarter call today i think when you compare it to a year ago there are a lot of really good positive improvements


First, we have added a new billing and collection company to assist our increased volume of claims. Secondly, we have lowered the revenue for all cases going forward, both professional and technical.

first we have added a new billing and collection company to assist with our increased volume of claims secondly we have lowered the revenue for all cases going forward both professional and technical


Our total sales and earnings were in line with our plan. Our teams produced positive sales comps in each of our business segments. We experienced the continued strengthening of our U.S. Automotive business.

our total sales and earnings were in line with our plan our teams produced positive sales comps in each of our business segments we experienced the continued strengthening of our u s automotive business


how that rule moves forward, we have a lot of folks on the ground right now moving these projects forward in the implementation stage. And so

how that rule moves forward we have a lot of folks on the ground right now moving these projects forward in the implementation stage and so


And this idea of really being authoritative around what connotates a healthy kitchen is an area from a very broad cross-section of product point of view that we think is an opportunity.

and this idea of really being authoritative around what connotes a healthy kitchen is an area from a very broad cross-section of product point of view that we think is an opportunity


as well as upselling to existing. So I think we're getting some traction there. I think we're getting some traction as I try to allude to from our Every Comp, Everywhere initiative has been helped us

as well as upselling to existing so i think we're getting some traction there i think we're getting some traction as i try to allude to from our every comp everywhere initiative has been -- helped us


we haven't yet merged those loyalty programs, and we're just completing the merging of the sales and revenue management teams. And those are the kinds of things that are most likely to drive the share of wallet.

we haven't yet merged those loyalty programs and we're just completing the merging of the sales and revenue management teams and those are the kinds of things that are most likely to drive the share of wallet


when we started on this program, we, I think for good reason, prioritized what I would describe -- what I described at the beginning of the presentation as a renovation both of the portfolio and the product

when we started on this program we i think for good reason prioritized what i would describe -- what i described at the beginning of the presentation as renovation both of the portfolio and the product


For additional information, including detailed discussion of risk factors, please refer to the company's documents filed with the Securities and Exchange Commission, which can be accessed on a website. I'd now like to turn the call over to Jon.

for additional information including detailed discussion of risk factors please refer to the company's documents filed with the securities and exchange commission which can be accessed on our website i'd now like to turn the call over to john


We look forward to seeing the results of Parts 2 and 3 of the trial, which will study lower doses. Bill will provide an overview of what will be in the second interim analysis of APeX-1 shortly.

we look forward to seeing the results of parts 2 and 3 of the trial which will study lower doses bill will provide an overview of what will be in the second interim analysis of apexone shortly


The only other thing I'd like to add to Mark's comments are you had suggested that the raise in guidance was driven by Acthar. What I would say is the Acthar business came largely in line with our internal expectations.

the only other thing i'd like to add to mark's comments are you suggested that the raise in guidance was driven by acthar what i would say is the acthar business came largely in line with our internal expectations


The integrated nature of our business provides the platform to achieve what, we believe, will be attractive economic and EBITDA contributions once the project is commercially operational, which we expect to be in line in the summer. Couple of other points on this,

the integrated nature of our business provides the platform to achieve what we believe will be attractive economics and ebitda contributions once the project is commercially operational which we expect to be in line in the summer couple other points on this


It's more little cans rather than big cans. And that's the way to think about it. And the drivers there are, as you know, there's -- we do more protein today than historically we had done. We are more into areas that have been growing like pet food

it's more little cans rather than big cans and that's the way to think about it the drivers there are as you know we do more protein today than historically we had done we are more into areas that have been growing like pet food


Except as otherwise required by law, CapStar disclaims any obligation to update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise.

except as otherwise required by law capstar disclaims any obligation to update or revise any forward-looking statements contained in this presentation whether as a result of new information future events or otherwise


Now let me also put in perspective our business and its prospects for the future. I have talked about analogizing our business to a toll road to the extent that you're probably tired of hearing it. I'm kind of sick of using it myself,

now let me also put in perspective our business and its prospects for the future i've talked about analogizing our business to a toll road to the extent that you're probably tired of hearing it i'm kind of sick of using it myself


and then we have the ability to operate and attract third-party business, operate this more efficiently and attract third-party business to these assets. We look forward to expanding our already productive relationship with them and finding other opportunities like this.

and then we have the ability to operate and attract third-party business operate this more efficiently and attract third-party business to these assets we look forward to expanding our already productive relationship with them and finding other opportunities like this


Further, these latest collaborations demonstrate our ability to monetize our proprietary platform technology with what are now our second and third collaboration agreements with top biotech and pharma partners.

further these latest collaborations demonstrate our ability to monetize our proprietary platform technology with what are now our second and third collaboration agreements with top biotech and pharma partners


And they created actually 2 or 3 of those. And they have tested which one is going to be the best. They've looked at other areas on the old site so that when they build the new site, it will actually be incorporated into the new site.

and they created actually 2 or 3 of those and they've tested which one is going to be the best they've looked at other areas on the old site so that when they build the new site it will actually be incorporated into the new site


Look, we're well on our way to reaching those target margins. I think that when we reach them, you can assure that we'll try to maximize over that. But right at this point, we're working our way to reaching those target margins. So

look we're well on our way to reaching those target margins i think that when we reach them you can ensure that we'll try to maximize over that but right at this point we're working our way to reaching those target margins so


And then my second question is on the working capital. Was there an underlying improvement in each of the divisions? Or was the improvement mainly driven by mix? And I wondered if you could give the outlook for working capital for '17. Okay.

and then my second question is on the working capital was there an underlying improvement in each of the divisions or was the improvement mainly driven by mix and i wondered if you could give the outlook for working capital for '17 okay


With our continued focus on driving operational improvements as well as getting paid fair value for our products and services, we're encouraged by the additional opportunities that still exist to resume margin growth in 2018 and beyond.

with our continued focus on driving operational improvements as well as getting pay-per-value for our products and services we're encouraged by the additional opportunities that still exist to resume margin growth in 2018 and beyond


And so the future hedged month higher than -- it's gone up more than the future months has. So this will pull a portion of the refined product timing issue into the second quarter as well.

and so the future hedged months higher than -- it's gone up more than the future months has so this will pull a portion of their fine product timing issue into the second quarter as well


and then relative to the rest of the expense base, as I said in the comments, I think we're going to continue to be very, very prudent about watching everything else that we spend. And

and then relative to the rest of the expense base as i said in the comments i think we're going to continue to be very very prudent about watching everything else that we spend and


not large volume contributors this year but really important products in the portfolio, and we're getting some very positive learning that I expect us to integrate and improve for what we do next.

not large volume contributors this year but really important products in the portfolio and we're getting some very positive learning that i expect us to integrate and improve for what we do next


Now let's turn to our second strategic priority, executing with excellence. Aligned with this, we remained committed to delivering results and staying disciplined on expenses, while executing on our key initiatives.

now let's turn to our second strategic priority executing with excellence aligned with this we remain committed to delivering results and staying disciplined on expenses while executing on our key initiatives


more than doubling the number of year-to-date Cornerstone HR wins among new European clients when compared to the first 9 months of 2016. We believe Cornerstone HR will continue to drive growth

more than doubling the number of year-to-date cornerstone hr wins among new european clients when compared to the first 9 months of 2016 we believe cornerstone hr will continue to drive growth


the local association for acousticians. But that will help us to be ultimately always having enough talent and potentially even net contributor to the talent pool.

with the local association for acousticians but that will help us to be ultimately always having enough talent and potentially even net contributor to the talent pool